Morning News Call - India, March 23

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FACTORS TO WATCH
09:00 am: Housing Minister Hardeep Singh Puri to address National Workshop
on Urban Livelihood Mission in New Delhi.
09:30 am: Farm Minister Radha Mohan Singh, NITI Aayog Agriculture Advisor
J.P. Mishra and other agriculture industry officials at India Maize Summit in
New Delhi.
10:30 am: Trade Minister Suresh Prabhu at CII’s ‘New India - New North:
Translating Aspirations into Reality’ event in New Delhi.
11:00 am: Budget session of Parliament continues in New Delhi.
03:30 pm: JNPT Chairman Neeraj Bansal, CIDCO Managing Director Bhushan
Gagrani at “Infrastructure Developments in Maharashtra: Vision 2025” event in
Mumbai.
05:00 pm: Mishra Dhatu Nigam (MIDHANI) IPO subscription closes in Mumbai.
05:00 pm: RBI to release weekly foreign exchange data in Mumbai.
05:45 pm: Mahindra Group Chairman Anand Mahindra, Former RBI Governor
Raghuram Rajan and JSW Group MD Sajjan Jindal at an event in Mumbai.
GMF: LIVECHAT - WEEKAHEAD
Reuters EMEA markets editor Mike Dolan discusses the upcoming week's main
market inflection points at 4:30 pm IST. To join the conversation, click on the
link: here
INDIA TOP NEWS
• Air India makes history by flying to Israel via Saudi airspace
Saudi Arabia opened its airspace for the first time to a commercial flight
to Israel with the inauguration on Thursday of an Air India route between New
Delhi and Tel Aviv.
• U.S. carmaker Ford, India's Mahindra to develop SUVs, electric vehicle
U.S. carmaker Ford Motor and India's Mahindra & Mahindra said on Thursday
they have signed an agreement to develop midsize and compact sports utility
vehicles and an electric vehicle, which Ford could also potentially sell in
other markets outside India.
• India's top court defers asset sale permission to Reliance Communications
India's top court on Thursday deferred a decision to lift a ban on the sale
of assets by embattled telecoms firm Reliance Communications Ltd (RCom), saying
it will hear the case again in two weeks.
• Vodafone veteran Balesh Sharma named new CEO for Vodafone-Idea India telco
combine
Vodafone Group's Indian unit and Idea Cellular, which are in the process of
merging their operations to create the country's biggest telecoms carrier, on
Thursday named Vodafone veteran Balesh Sharma as the new chief executive for the
combined venture.
• MCX to start trading in brass futures from next week
India's Multi Commodity Exchange will start trading in brass futures from
next week as it tries to provide a benchmark price and hedging tool to the
industry, the bourse said on Thursday.
• India to provide incentives for chickpea exports
India will offer incentives for chickpea exports for three months, the
government said on Thursday, as prices have plunged in the past six months on
expectations of a record production this year.
• India's OMPL seeks heavy naphtha in rare move
ONGC Mangalore Petrochemicals is seeking heavy cut naphtha through an import
tender in a rare move and coming at a time when overall naphtha supplies are
tight, traders said on Thursday.
GLOBAL TOP NEWS
• Trump moves towards China tariffs in warning shot on technology transfer
U.S. President Donald Trump lit a slow-burning fuse on Thursday to launch
long-promised anti-China tariffs, but his actions appeared to be more of a
warning shot than the start of a full-blown trade war with Beijing.
• BOJ deputy gov says price gains insufficient, wants stronger policy regime
One of the Bank of Japan's newly appointed deputy governors said consumer
prices are not rising quickly enough and the central bank should strengthen its
policy stance if possible, underscoring a still-tepid inflation outlook despite
years of stimulus.
• Trump picks hardliner Bolton to replace McMaster as national security
adviser
U.S. President Donald Trump shook up his foreign policy team again on
Thursday, replacing H.R. McMaster as national security adviser with John Bolton,
a hawk who has advocated using military force against North Korea and Iran.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
SGX Nifty Futures were trading at 10,006.00, down 1.1 pct from its previous
close.
The Indian rupee will likely open lower against the dollar as equity markets
plunged after the U.S. unveiled tariffs against China, intensifying the
already-high trade tensions between the world’s two largest economies.
Indian government bonds may trade little changed in early session as a fall
in U.S. Treasury yields may offset the impact of higher crude oil prices. The
yield on the benchmark 7.17 pct bond maturing in 2028 is likely to move in a
7.54 pct - 7.59 pct band today.
GLOBAL MARKETS
• U.S. stocks slumped on Thursday as President Donald Trump's move to impose
tariffs on up to $60 billion of Chinese imports drove fears about the impact on
the global economy, fueling the biggest percentage declines in Wall Street's
three major indexes since they entered correction territory six weeks ago.
• Japan's Nikkei share average tumbled to its lowest level since mid-October
on concerns over escalating global trade tensions that triggered a spike in the
yen.
• The yen hit a 16-month high against the dollar, while the Turkish lira
skidded to a record low, as concerns over rising global trade tensions triggered
a bout of investor risk aversion.
• U.S. Treasury prices gained on Thursday on rising risk aversion as
President Donald Trump signed a presidential memorandum on Thursday that could
impose tariffs on up to $60 billion of imports from China.
• Oil prices jumped more than 1 percent, pushed up by Saudi plans for OPEC
and Russian led production curbs introduced in 2017 to be extended into 2019 in
order to tighten the market.
• Gold prices rose to a two-week high on a softer dollar as investors
scurried to safety after U.S. President Donald Trump took a step towards
long-promised anti-China tariffs, stoking fears of a global trade war.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 65.10/65.13 March 22 $24.73 mln -$133.64 mln
10-yr bond yield 7.66 pct Month-to-date $1.55 bln -$1.18 bln
Year-to-date $1.66 bln -$94.01 mln
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 65.1000 Indian rupees)
(Compiled by Nachiket Tekawade in Bengaluru)